MIAMI,
Oct. 15,
2024 /PRNewswire/ -- Safe and Green Development
Corporation (NASDAQ: SGD) ("SG Devco" or the "Company"), a leading
real estate development company, announces that all site work has
been completed for the first phase of its Sugar Phase I project in
South Texas.
Since the first announcement of the project, the
Company has been resurfacing the lots to receive the necessary
elevation certificates to move forward with vertical construction.
The Company has now completed the work and received all necessary
permits to be able to do so.
The Company expects to deliver the first phase of
homes by Q1 2025 and to be able to sell all homes to Trio, as
Program Administrator for Choctaw American Insurance, Inc., within
that quarter. The Sugar Phase I project, which includes a total of
35 homes, is a key part of SG Devco's strategy to provide
high-quality housing in growing communities.
"We are thrilled to have reached this significant
milestone for our Sugar Phase I project," said David Villarreal, CEO of SG Devco. "This marks
the beginning of our development efforts in South Texas, and we look forward to delivering
homes that meet the growing demand in the region."
About Safe and Green Development Corporation
(SG Devco)
Safe and Green Development Corporation is a
real estate development company. Formed in 2021, it focuses on the
development of sites using purpose-built, prefabricated modules
built from both wood and steel. The thesis of development is to
build strong, innovative and green, single or multifamily projects
across all income and asset classes. Additionally, a majority owned
subsidiary of SG DevCo, Majestic World Holdings LLC, is a
prop-tech company that has created a real estate AI Platform. The
Platform aims to decentralize the real estate marketplace, creating
an all-in-one solution that brings banks, institutions, home
builders, clients, agents, vendors, gig workers, and insurers into
a seamlessly integrated and structured AI-driven environment.
MyVONIA Innovations LLC, a wholly own subsidiary, is the owner of
MyVONIA which is an AI-powered personal assistant designed to help
simplify daily tasks and improve productivity for individuals and
businesses. MyVONIA aims to assist with managing both personal and
professional tasks.
Safe Harbor Statement
This press release may contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 as amended and Section 21E of the Securities Exchange Act
of 1934 as amended. All statements other than statements of
historical fact are or may be deemed to be forward-looking
statements. In some cases forward-looking statements can be
identified by terminology such as "may," "should," "potential,"
"continue," "expects," "anticipates," "intends," "plans,"
"believes," "estimates" and similar expressions and include
statements regarding delivering the first phase of homes and
selling all homes to Trio by Q1 2025, providing high-quality
housing in growing communities, delivering homes that meet the
growing demand in South Texas and
creating an all-in-one solution that brings banks, institutions,
home builders, clients, agents, vendors, gig workers, and insurers
into a seamlessly integrated and structured AI-driven
environment.
These forward-looking statements are based on
certain assumptions and analyses made by us in light of our
experience and our perception of historical trends, current
conditions, and expected future developments, as well as other
factors we believe are appropriate in the circumstances. Important
factors that could cause actual results to differ materially from
current expectations include, among others, the Company's ability
to complete the Sugar Phase I project in South Texas as planned, the Company's ability
to sell all homes to Trio by Q1 2025, the Company's ability to
deliver homes that meet the growing demand in South Texas, the Company's ability to create
an all-in-one solution that brings banks, institutions, home
builders, clients, agents, vendors, gig workers, and insurers into
a seamlessly integrated and structured AI-driven environment, the
Company's ability to obtain the capital necessary to fund its
activities, the Company's ability to monetize its real estate
holdings, and other factors discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2023, and its subsequent filings
with the SEC. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement, and the Company undertakes
no obligation to revise or update this press release to reflect
events or circumstances after the date hereof.
For investor relations and media inquiries,
please contact:
Barwicki Investor Relations
Andrew@Barwicki.com
516-662-9461
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SOURCE Safe and Green Development Corporation